FILE PHOTO: The luxury sale is steadily outstretching new heights and the whole-sole credit goes to the Internet! Be it any corner of the World, Internet doesn’t let one feel isolated.By Nakul Bajaj

According to a recent study released by ASSOCHAM: The luxury retailing is nailed to grow at 25 per cent from 2013 till 2018 and is likely to touch $ 18 billion mark from the ongoing level of $ 14 billion. Thus the market is poised to elaborate three-fold in the next three years and the number of millionaire's are anticipated to multiply three times in the next five years. These stats clearly indicate that the Luxury brands have immense scope in the rapidly growing Indian Luxury Market.

However luxury is not new in India! India has a rich tradition of luxury since the time of Maharajas and Nawabs. They were the real connoisseurs of luxury. But the latest talk is about the newly discovered lavish spending power of the Indian consumers. In India, perception of luxury alters between those born with a silver spoon in their mouth on one hand and those affluent elite classes of wealth creators on the other.

The luxury sale is steadily outstretching new heights and the whole-sole credit goes to the Internet! Be it any corner of the World, Internet doesn't let one feel isolated. The Geographic boundaries are no longer a limitation for the luxury aspirants. Thus, the cross-pollination of the luxury market is expectedly booming at a high speed. The Luxury E-Commerce portals, target the aspiring customers- their demands, tastes, budding styles and in vogue fashion essentials.

A world wide survey across three different markets and nine countries has revealed that the aspiring and wealthy consumers are primarily tech savvy. It's not just a single device but the multi-device technology that helps them to stay connected with the world wide luxury E-commerce portals. The luxury brand followers, before investing the amount on their purchase, do make a great deal of research and then choose the best option available.

An in depth study about 'Luxury in India' shows that India is responsible only for 1-2% of the global luxury market. Luxury retailers, both national and international are speeding up to elaborate their footprints in India. According to KPMG India Luxury Summit-Almost 20 brands are planning to open up in Emporio Mall, New Delhi, India.

Also, the same report declares that the luxury retail is developing significantly at a rate of 20-25%. Though, the definition of luxury varies from country to country and among different income groups. It has been seen that most households pulling in more than INR one million or above per annum, opt exclusively for luxury goods over premium in our country. With the substantial increment of this income group, luxury retail in India is anticipated to witness firm growth in the coming years.

Here are some top ranked leading luxury retail cities in India & study of consumer behavior:

Currently, luxury consumption in India is the highest in Delhi, Mumbai and Bengaluru, with the preference for luxury goods springing up across our country's top 10 cities. DLF Emporio in Delhi, Palladium in Mumbai and UB City in Bengaluru are some of the significant luxury malls in India. South India too, has come forth as a chief driver of India's luxury market. In the South, the population inclines to be extremely responsive to new products as in comparison to other regions of the country. In North India, the demand for premium and international goods has encountered a boom in the metros as well as tier-1 and tier-2 cities. However also in last few years, cities such as Surat, Jaipur, Lucknow, Nagpur, Coimbatore and Kanpur have witnessed a spectacular growth in income distribution.

Indian HNI (High Net-worth Individuals) consumers are highly scattered and, thus, are not easy to reach. Moreover, this HNI consumer class can be classified into two different categories: the inheritors- those who are traditionally well off & who are customary spenders; secondly: the experienced elite class who are distinguished spenders and a huge section of business titans like the entrepreneurs, owners of small and medium enterprises, who have the money no prior divulgence to such essentials in the past. Thus, the Luxury brands need to imperatively design their development plans to tap the demands across these two different categories.